Telangana’ revenues grow by over 31 percent in first six months

Hyderabad, Oct 14 (IANS) Telangana has achieved record growth of over 31 percent in revenues during the first six months of the current financial year (2016-17), officials said on Friday.

The state earned net revenues of Rs 1,935.30 crore from April to September, against Rs 1,475 crore during the corresponding period last fiscal.

According to S. Narsinga Rao, Principal Secretary to Chief Minister K. Chandrasekhar Rao, the state has achieved a record growth of 31.21 percent.

This accounts for nearly 45 percent of the revenue target of Rs 4,291.99 crore fixed for the entire 2016-17.

The revenue is mainly on sales and purchase transactions of lands and buildings, the official said.

A statement from the Chief Minister’s office said Telangana is far ahead of other southern states, as the revenue growth rate for the same period is 12.27 percent in Andhra Pradesh, 2.3 percent in Karnataka, 3.57 percent in Kerala and minus 2.63 percent in Tamil Nadu.

The official attributed higher growth rate to decisive leadership, feel good factor, confidence in governance, single window clearances, eases of doing business in real estate sector, development process in the state, progress in irrigation projects, adequate power supply without any cuts and prospects of establishing new power projects, economic growth, rise in per-capital income and consequent purchase capacity of individuals.

Greater economic activity resulted in a phenomenal growth rate in the net revenue in the stamps and registration department.

The announcement of new and smaller districts also contributed to the growth, it added.